Robert & Jani Bielenberghttp://www.robertandjani.com
Just another AIOS2 siteFri, 04 Jan 2019 16:13:03 +0000en-UShourly1https://wordpress.org/?v=4.9.1August 2018 -Remodeling Projects That Deliver A High Returnhttp://www.robertandjani.com/august-2018-remodeling-projects-deliver-high-return/
Mon, 20 Aug 2018 16:57:08 +0000http://www.robertandjani.com/?p=10158Remodeling your home can be a great way to increase its value and ensure you get a good return when it comes time to sell. But, before you go tearing out your floors or adding another bedroom, take note: Not all projects are created equal. In fact, according to recent data from Remodeling magazine’s Cost vs. […]

Remodeling your home can be a great way to increase its value and ensure you get a good return when it comes time to sell. But, before you go tearing out your floors or adding another bedroom, take note: Not all projects are created equal. In fact, according to recent data from Remodeling magazine’s Cost vs. Value report, there’s a pretty big discrepancy between which projects deliver high returns and those that don’t.Want to make sure your remodels are worth the effort? Here are some top options:

Get a new garage door. It seems simple, but replacing your garage door is the most value-adding project you can take on. On average, it delivers returns of more than 98 percent upon resale.

Focus on curb appeal. Upgrades to exterior areas saw serious growth over the last year. Wood deck additions increased over 18 percent in value, while stone veneer installation value was up almost 14 percent.

Replace your entry door. Don’t bother sprucing up old doors. Replacing them with steel models can deliver a whopping 91 percent return on investment. And, at an average cost of $1,471, they’re one of the most affordable updates for your home.

Upgrade your kitchen. Minor kitchen remodels continue to be a top value-adding project. This year, the average small remodel adds about $17,193 to your home’s value and recoups more than 81 percent of your costs.

You might want to rule out projects like master suite additions and major kitchen remodels — they’re notorious for low returns. If you’re looking to boost your home’s value and increase its marketability, focus your efforts on projects that improve aesthetics and add ease and convenience instead.

Want a second opinion before embarking on a remodeling project? We’d be happy to sit down with you and listen to your ideas for improving your home. We’ll tell you whether we think you’re on the right track or if we think you might be wasting your money.

Your Realtors,

Robert & Jani

How to Deal with a Low-Ball Offer

If you take care to price your home correctly – that is, at a price that is in line with what similar properties in the area have sold for recently – then you have a good chance of selling it at or near your asking price.

That doesn’t mean you won’t get a low-ball offer. You might. So, what do you do when that happens?

First, understand that the buyer may not necessarily be trying to steal away your home at a bargain-basement price. He might simply be mistaken about its true market value. Of course, he might also be coming in at a low price in the hopes he’ll get lucky.

You will never actually know the buyer’s motives. So, it would be a mistake to get angry or dismiss the offer out-of-hand. That low-ball offer might end up being the beginning of a negotiation that results in the sale of your home at a good price.

Your first step is to work with me to determine:

Whether the buyer is serious.

Whether the buyer is qualified. (For example, does he have a pre-approved mortgage?)

How amenable the buyer is to a counter-offer that reflects the true market value of your home.

What that counter-offer should be.

This isn’t an easy process. It takes the knowledge and experience of a professional real estate agent like me to get it right.

How to Decide If You Should Replace Your Windows

One of the most prominent features of any home is the windows. If they are well maintained, they will have a positive impact on the impression potential buyers have of your property. Of course, the opposite occurs when your windows look old and worn.

So, does that mean you should replace your windows?

That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision.

Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.

If your windows are double-paned – (two panes of glass) – check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and, at a minimum, the glass will need to be replaced.

Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required.

Check the operation of your windows. Do they open and close easily? Some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire. It’s important to make sure those work properly.

Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows?

Although they are expensive, replacing windows can have a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter.

Want more tips on increasing the value, and enjoyment, of your property? Call me today.

Eco-friendly Choices for Household Floors

Choosing new or replacement eco-friendly flooring is one of the emerging trends among house and condo owners. Eco-friendly flooring is generally identified as being made from and with more sustainable resources; materials that don’t deplete or permanently damage the environment (such as toxic laminates); or, material that is easy to reuse or recycle after its intended purpose. Here are some examples:

Renewable/Sustainable: Bamboo and cork are popular natural resources that renew relatively quickly. It should be noted that traditional woods are also renewable, as long as they are managed through sustainable practices. Before you buy natural flooring products, ask if the harvesting methods are verified through an accredited authority.

Repurposed/Reclaimed: Flooring made from old building structures (e.g. posts, beams, walls and planks) is a viable alternative option to grown and harvested resources. Likewise, recycled glass, plastic and rubber provide ample raw materials for creative flooring effects. Using them also reduces landfill. These products can be found through decorative flooring dealers.

Reusable/Recyclable: When purchasing any product, whether natural, synthetic and/or manufactured, it is important to know that the product can be easily recycled when it is beyond its usefulness, without causing environmental detriment in a landfill.

Notable, Quotable, Quotes!

“Things turn out best for the people who make the best of the way things turn out.”John Wooden

“Don’t be afraid to give up the good to go for the great.”John D. Rockefeller

“Be as smart as you can, but remember that it is always better to be wise than to be smart.”Alan Alda

]]>Hiring a Contractorhttp://www.robertandjani.com/hiring-a-contractor/
Fri, 16 Feb 2018 17:26:19 +0000http://www.robertandjani.com/?p=9808How to Protect Yourself – The Federal Trade Commission Estimates that Americans Lost More Than $4.1 Billion Dollars to Fraud and Scams in the Last 5 Years! Hold On! Not so Fast! Door-to-door salesperson??? What do you know about them? Always Use extreme caution – you are about to let strangers in your home! Are […]

]]>March 2017 – Millennials are Moving to the Suburbshttp://www.robertandjani.com/march-2017-millennials-moving-suburbs/
Mon, 03 Apr 2017 14:52:28 +0000http://www.robertandjani.com/?p=9083Millennials have delayed home-buying more than earlier generations, but as this huge generation starts moving into the next stage of life, we’re finding that they are more similar to older generations than many thought. Their views on community and homeownership are pretty traditional, and they don’t all fit the urban stereotype you might have in […]

Millennials have delayed home-buying more than earlier generations, but as this huge generation starts moving into the next stage of life, we’re finding that they are more similar to older generations than many thought. Their views on community and homeownership are pretty traditional, and they don’t all fit the urban stereotype you might have in your head.

Like generations before them, millennial homebuyers are beginning to shy away from city life and taking up residence in the suburbs. There is one key difference – according to a report by Zillow, millennial homebuyers are passing on small starter homes and paying higher prices to live in square footage typical of older generations (roughly 1,800 square feet). And, like older generations, they are showing an appetite for community amenities and townhouses.

Forty-two percent of homebuyers in 2016 were millennials and they are putting down roots like older generations. Sixty-four percent of those who moved in 2016 stayed within the same city, and only 7 percent relocated to another state. Roughly half of millennial homeowners are now living in the suburbs, while 33 percent are in urban areas and 20 percent are in rural areas.

Robert & Jani

How To Sell Your Home Super Fast

If you put your home on the market, chances are you want it to sell quickly. However, there are certain circumstances in which sellers don’t just want their home to sell quickly, they actually need it to sell super fast. This may be due to a sudden relocation, the purchase of a new home with a tight closing date, or any number of other reasons.

Obviously, this can be a stressful situation. However, there are some practical things you can do to help your home sell super fast:

Find out the current market value of your property. This will guide you in your decision on the listing price.

Be reasonable about the listing price. You can sell quickly and still get a good price for your home. But, realistically, you won’t be able to hold out in the hopes of getting an “above market value” offer.

Be as flexible and accommodating as possible when it comes to scheduling viewings and open houses. If you’re going to restrict buyers to seeing your home on Saturdays from 3 to 5, then you’re going to reduce your chances of a quick sale.

Clean and declutter your home. This is the fastest way to dramatically improve how it shows.

Tend to the outside of your property. Cut the grass. Trim the hedges. Fix the creaking back gate. Do everything you can to increase your property’s curb appeal.

Apply fresh paint wherever possible. Painting is the quickest and least expensive “renovation” you can do. It can significantly improve the look of any area of your home.

Spread the news that your home is on the market and that you’re looking for a quick sale. Tell your friends, neighbors and co-workers.

What to View When Viewing a Home

Shopping for a home is a little like shopping for a car. Unless you know what to look for, you risk being swayed by first impressions and buying something that does not truly meet your needs.

For example, you might fall in love with the recreation room — complete with a bar and a dartboard — and unconsciously overlook the fact that the home doesn’t have enough bedrooms to accommodate your growing family.

So when you’re viewing a potential new home, or checking out a property during a weekend “open house”, make sure the home meets your needs.

Here are some questions to ask yourself:

Is there enough room for my family, now and in the future? Remember, as kids grow so does the space they require!

Are there enough bedrooms, bathrooms, closets and storage space?

Is the yard big enough?

Will my furniture fit the space?

Do I like the neighborhood? Always take a walk around and explore the area.

Does anything need to be repaired or replaced? If the seller won’t be taking care of such issues, repairs or replacements could add hundreds or even thousands of dollars to the true cost of buying the property.

Don’t be afraid to ask lots of questions when viewing a home. After all, it’s a major purchase. You want to get it right!

A potential buyer comes to view your home. She explores each room with interest. Then she opens the closet door in the master bedroom. Will she be impressed with the space and imagine her clothes adorning the racks and shelves?

That likely depends on how you use and manage that storage space.

Of course, her first reaction will be based on size. Short of doing a major renovation, there’s not much you can do about that.

However, there is plenty you can do to make the space seem bright and roomy. Your first step is to remove as much of the clutter as possible. If the closet doubles as storage for boxes and other items, for example, move those items elsewhere. (It might make sense for you to temporarily rent space at a local self-storage.)

Next, make sure the space isn’t over-filled. You don’t have to remove all your clothes, but consider removing enough to fully accentuate the roominess of the space and make it look neat and organized.

Finally, don’t forget about lighting. It also plays a key role. A dimly lit closet will make the space look unappealing. Use enough wattage to create a pleasant glow throughout the area.

Don’t forget to do the same things for all your other storage spaces too.

notable, quotable… quotes!

“If I look confused, it’s because I’m thinking.”

Samuel Goldwyn

“Everyone is a genius at least once a year.”

G. C. Lichtenberg

“I not only use all the brains I have, I use all the brains I can borrow.”

]]>June 2015 – Home Shopping and The Four-Legged Stoolhttp://www.robertandjani.com/june-2015-home-shopping-and-the-four-legged-stool/
Fri, 05 Jun 2015 20:41:37 +0000http://www.robertandjani.com/?p=7257As summer unfolds, many people attend special gatherings. And the more people gather, the more they talk. Eventually, they wind up talking about where the real estate market is today, and where it is likely heading. If you would like to know more about how things are shaping up for the summer and fall markets, […]

As summer unfolds, many people attend special gatherings. And the more people gather, the more they talk. Eventually, they wind up talking about where the real estate market is today, and where it is likely heading.

If you would like to know more about how things are shaping up for the summer and fall markets, just give us a call. You never know when the next real estate opportunity will present itself.

If you have any family or friends who need some expert real estate advice, please don’t hesitate to have them call us. We’re here to help.

Best Wishes,

Robert & Jani

Should You Worry About Market Fluctuations?

You turn on the television and watch a news story about housing prices going down. Then you receive a flyer in the mail about a property around the corner that sold for a decent price. Next you read a newspaper article about the housing market on the upswing again.

It’s a little like being on a roller-coaster ride!

Unfortunately the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.

In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream homes affordably.

When you hear news of market fluctuations, there are two important things to consider.

First of all, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same.

In fact, it’s entirely possible for housing prices to be rising in your neighborhood while they are falling nationally, and vice versa.

Secondly, if you’re selling a current property while buying another home, then the net effect of market fluctuations may cancel out.

Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing.

The same holds true when the market is down.

All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. A good REALTOR® will help.

Looking for a good REALTOR®? Call today.

Home Shopping And The Four-Legged Stool

What kind of stool is most likely to keep you from toppling over when you sit on it? Of course, two-legged stools won’t even stand on their own. Three-legged stools are okay, but still unstable. Four-legged stools are rock solid.

What does that have to do with shopping for a new home?

Well, if you want to find the right home quickly and for the best price, you need to have four things in place – the four legs of the stool. They will help ensure the experience goes smoothly.

The first leg is your wish list. You need to have a clear picture of the type of home you want. A bungalow or two stories? How many bedrooms? A large deck? Don’t forget about the neighborhood. Need to be close to major highways for ease of commuting? Need good schools and playgrounds within walking distance?

The second leg is a pre-approved mortgage. Getting the financing handled upfront takes the guesswork out of what you can afford. Sellers and their REALTORS® are more likely to take any offers you make more seriously too.

The third leg is realistic expectations. Of homes that sell, 99% sell at or near their current market values. That doesn’t mean you can’t find a good deal. It does mean you’re unlikely to find a “steal”. Fortunately, there are likely several wonderful properties available within your price range.

The final leg of the stool is a great REALTOR®. Choosing the right real estate professional is crucial to making your home shopping experience less stressful and more productive.

So when you’re hunting for a new home, make sure you start with a stable “four-legged stool”. It will dramatically increase your chances of finding a home that fits your needs and budget.

Need help with that? Call today.

Dealing With A Home Inspection Issue

As you may know, it’s common to include a home inspection as a condition of an offer you make. It protects you from issues that you might not otherwise see during a viewing.

What do you do if the home inspector finds something wrong? The inspector might find a leak in the foundation, or windows that are old, drafty and need replacing.

Must you pass on a property that you otherwise like?

Not necessarily. Just because the home inspector discovered a deficiency doesn’t necessarily mean you shouldn’t purchase the home. You should, however, bring the issue up with the seller.

Your REALTOR® will do that on your behalf, and look after your interests.

In many circumstances, your REALTOR® will be able to negotiate an agreement that is satisfactory to everyone involved. This will usually be in the form of a reduction in the sale price to cover some or all of the costs of the repair, or a requirement to have the seller get the repairs done before you move in.

So don’t worry if the inspector finds something wrong. Chances are you can still get the home and have any issues dealt with to your satisfaction.

notable, quotable… quotes!

“Luck is a matter of preparation meeting opportunity.”

Oprah Winfrey

“Your mind is like a parachute, it works best when it’s opened.”

Author Unknown

“I, not events, have the power to make me happy or unhappy today. I can choose which it shall be.”

]]>Smaller Spaceshttp://www.robertandjani.com/smaller-spaces/
Mon, 08 Dec 2014 18:05:52 +0000http://www.robertandjani.com/?p=6709We appear to be exiting the era of the McMansion. Several recent reports from new home builders make it clear that, despite the increased affordability of housing, the average size of a new home is smaller than it was a few years ago. Buyers are beginning to embrace the concept of the “big-enough” home. If […]

]]>We appear to be exiting the era of the McMansion. Several recent reports from new home builders make it clear that, despite the increased affordability of housing, the average size of a new home is smaller than it was a few years ago. Buyers are beginning to embrace the concept of the “big-enough” home. If you have embraced this trend and have chosen to make do with reduced square footage, here are some suggestions on how to make smaller rooms look larger and function effectively:

Choose furniture wisely. While small furniture takes up less space and makes a room feel more open, it may not be as comfortable as larger pieces. The solution may be to make do with fewer larger pieces.

Let in as much natural light as possible. Natural light makes rooms seem airier, so take steps to add natural light. Adding a skylight will capture light and make a room appear larger. When choosing your window treatments, remember that curtains block light – the less you cover, the more natural light can flood into your home. Choose a sheer fabric, or chose blinds and shades that expose the entire window when drawn. If you need privacy, consider replacing a window with glass blocks, which provide privacy while allowing light in.

Avoid straight lines. Round tables, rugs and pillows, and sofas and chairs with curves, help small rooms feel less boxy.

Organize your collectibles. Removing all the knick-knacks from a small room will make it appear more spacious, but also more sterile and less homey. Instead, edit your collectibles carefully and display them in just one or two places, not scattered throughout the whole room. A group of similar items, or different objects of the same color, creates a visual destination in a room and avoids a sense of stifling clutter.

Use tables made of clear materials. Clear surfaces such as glass or Lucite give the impression of openness while delivering function.

Choose contrasting colors to visually expand small rooms. In the past, interior designers have suggested that painting everything white. But today, while they still like white for cabinets and ceilings, they are suggesting that you add a warm contrasting color that will cast a glow to the room. A different approach to making a room appear larger is to paint the walls and ceiling the same shade, so the eye doesn’t stop at the ceiling line.

Strategic use of lighting.Lamps placed at different heights will brighten a small room and make it seem larger.

Use floating shelves instead of cabinets. These provide useful storage, but look airy and chic.

Determine your priorities. Make rooms fit your needs and lifestyle. If having a desk is more important than having a dining table, you can eat at the kitchen counter or coffee table.

]]>What’s Hot in Outdoor Livinghttp://www.robertandjani.com/whats-hot-in-outdoor-living/
Mon, 08 Dec 2014 17:57:37 +0000http://www.robertandjani.com/?p=6704It’s not quite spring yet, but it’s not too early to start thinking about your outdoor living areas. Surveys show that having an attractive outdoor living environment ranks very high with today’s buyers. Creating an “outdoor living room” for your home will pay off when you sell. Not planning to move? Then do it for […]

]]>It’s not quite spring yet, but it’s not too early to start thinking about your outdoor living areas. Surveys show that having an attractive outdoor living environment ranks very high with today’s buyers. Creating an “outdoor living room” for your home will pay off when you sell. Not planning to move? Then do it for yourself and your family. It’s a relatively inexpensive way to give yourself more space for living and entertaining.

What features are most desirable? The American Society of Landscape Architects conducts an annual Residential Trends Survey. It’s 2011 survey, reported these features as the most popular outdoor living feature trends:

exterior lighting (96.2%)

fire pits and outdoor fireplaces (94.2%)

seating and dining areas (94.1%)

grills (93.8%)

installed seating, such as benches, seat walls, or ledges (89.5%)

weatherized outdoor furniture (83.5% )

counter space (74.2%)

utility storage (61.3%)

stereo systems (58.3%)

sinks (54.7%)

refrigerators (50.2%)

The survey showed increased interest in technology for the outdoors, such as stereo systems, Internet access and televisions. Low-maintenance landscaping and water-efficient irrigation systems are also growing increasingly popular.

]]>A Leaky Roof May Come from an Interior Sourcehttp://www.robertandjani.com/a-leaky-roof-may-come-from-an-interior-source/
Wed, 03 Dec 2014 17:57:27 +0000http://www.robertandjani.com/?p=6692In some cases what appears to be a roof surface leak is not a leak at all but rather an interior source of water. Here are some examples –• Air leakage from the house: If household air can leak into the attic, warm moist air will condense on surfaces in the attic during cold weather. […]

In some cases what appears to be a roof surface leak is not a leak at all but rather an interior source of water. Here are some examples –• Air leakage from the house: If household air can leak into the attic, warm moist air will condense on surfaces in the attic during cold weather. This can damage the roof decking and structural framing and even cause water to drip back into the house. Sealing the attic in cold climates is very important.

• Leaking ducting: If heating and cooling ducting runs through the attic, it must be well sealed. Ducts leaking air can cause condensation.

• Air conditioning ducting: If air conditioning ducting runs through the attic, it should be well insulated and have a good vapor barrier. Condensation can form on cold air ducts and can drip down into the ceiling.

• Attic mounted heating and cooling: Furnaces and air conditioning evaporators create condensation. If this equipment is located in the attic and there is a leak somewhere in the condensation path, it will leak into the house.

]]>The Leaky Roof Surfacehttp://www.robertandjani.com/the-leaky-roof-surface/
Wed, 03 Dec 2014 17:54:14 +0000http://www.robertandjani.com/?p=6689When the roof surface ages, it wears and becomes less and less reliable. Eventually it may leak. But not only old roofs leak. One of the most common causes of roof failures is poor workmanship during installation. The reason this is not readily apparent is that it often takes a few years for a poor […]

]]>When the roof surface ages, it wears and becomes less and less reliable. Eventually it may leak. But not only old roofs leak. One of the most common causes of roof failures is poor workmanship during installation. The reason this is not readily apparent is that it often takes a few years for a poor installation to manifest itself in a leak. By this time it is all too easy to point the finger at wear and tear.

A leaking roof can be disruptive and costly, causing damage to interior finishes. In some cases it is easy to determine the cause and in other cases it can be difficult to diagnose. In some cases a roof leak will only occur with specific weather conditions. Let’s try to make some sense of this mystery.

Sloped Roofs Shed Water
Sloped roof systems are designed to shed water from one shingle to the next down to the roof edge. Sloped roof systems are not waterproof. Understanding this concept is the first step to understanding how a roof can leak. Flat roof systems, on the other hand, are designed to be waterproof.

It’s All About the Flashing
Roofs don’t normally leak in the middle of a field of shingles or tiles. They leak where there is a roof penetration such as a skylight, chimney, dormer or roof wall intersection. These critical areas are kept from leaking with flashing. Flashing is usually made up of pieces of metal configured so water will shed across the gap between the roof penetration and the roof surface. Often roof leaks can be traced to poorly installed or worn flashing. If you have a roof that leaks, the flashing is the most likely culprit.

Wind and Rain
Roof systems should be designed and installed to accommodate your local climate. On the other hand, it is possible for a perfectly installed and maintained roof to leak given the right combination of wind and rain. Recall that sloped roof surfaces are not waterproof but they shed water down the roof.

Ice
In cold climates, ice can cause a perfectly good roof surface to leak. Ice can block the flow of water to the edge of the roof or to the drain. Water can then back up under the shingles and leak into the house.

]]>What Are The Tax Ramifications When Selling Your Home?http://www.robertandjani.com/what-are-the-tax-ramifications-when-selling-your-home/
Wed, 29 Oct 2014 19:54:15 +0000http://www.robertandjani.com/?p=6624What are the tax ramifications when selling your home? The current law enacted in 1997, states that if you have owned and lived in your primary residence for two of the last five years, you can exclude up to $250,000 in profit if you are single, or up to $500,000 if you are married and […]

]]>What are the tax ramifications when selling your home? The current law enacted in 1997, states that if you have owned and lived in your primary residence for two of the last five years, you can exclude up to $250,000 in profit if you are single, or up to $500,000 if you are married and file jointly. However, Congress did included additional legislation for three situations in which the ruling might be modified: 1)change in employment 2) health reasons or 3) unforeseen circumstances.

Change in Employment: If your new place of employment is at least 50 miles further from the home being sold than was the former place of employment, then the homeowner can take a proportionate exclusion of gain. For instance, if the homeowner owned the home for only one year, then the homeowner would be entitled to exclude one half of either the $250,000 or the $500,000 exclusions, depending upon the marital and tax filing of the taxpayer. Employment is defined as “the commencement of employment with a new employer, the continuation of employment with the same employer, or the commencement or continuation of self-employment.

Health Reasons: If your Doctor recommends a change of residence for reasons of health, this is considered a safe harbor. According to the IRS, “if the taxpayer’s primary reason for the sale is 1) to obtain, provide or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness or injury or 2) to obtain or provide medical or personal care for a qualified individual suffering from a disease, illness or injury”. A “qualified individual” includes family members who are in need of medical assistance away from the principal residence.

Unforeseen Circumstances: The IRS has determined the following events as “safe harbors”, with the condition that these events involve the taxpayer, his/her spouse, co-owner or a member of the taxpayer’s household.

death

being terminated from employment and eligible for unemployment compensation

a change in job status that results in the taxpayer being unable to pay the mortgage and reasonable basic living expenses for the taxpayer’s household

divorce or legal separation

multiple births resulting from the same pregnancy

involuntary conversion of the property

destruction of the property because of man-made disaster, an act of war or terrorism

The IRS has kept the “safe harbor” door open by allowing the IRS Commissioner the right to expand these 7 items should the need arise or in response to a particular situation involving a specific taxpayer.

Taxpayers who believe they are entitled to claim an exemption should immediately consult with their tax adviser before they sell.

]]>Comps – How Does my Home Compare to Others?http://www.robertandjani.com/comps-how-does-my-home-compare-to-others/
Wed, 01 Oct 2014 16:51:20 +0000http://www.robertandjani.com/?p=6576How does my home compare to others? There is no better way to predict what a buyer will be willing to pay for your home than to see what other buyers have been willing to pay for similar homes. Ask a Realtor to do a “market analysis” show you the “comps”. But what makes a […]

]]>How does my home compare to others? There is no better way to predict what a buyer will be willing to pay for your home than to see what other buyers have been willing to pay for similar homes. Ask a Realtor to do a “market analysis” show you the “comps”.

But what makes a property a good comp? A number of things must be similar in order for your Realtor to consider a closed sale a good comp for your home:

same neighborhood

same school district

similar housing size

similar housing features

The ideal comp is a home that is the same model, in the same subdivision and which sold in the last 6 months. Unfortunately, exact comps like this are rarely available. So, the next best thing is to find sales that closely match your home, then make adjustments for the differences. The best comps are the ones that will require the fewest adjustments.

Choosing the right comps is imperative, because not all homes are alike. Location, upgrades, amenities, sale date, extras and unique nuances all affect how your home compares to others. Choosing the right comps, and making proper adjustments for differences is the key to an accurate market analysis.

Most people don’t really know how to compare real estate properties, which is one of the reasons they hire an agent. Choosing a Realtor can take the guess work out of pricing a home. But if the Realtor doesn’t choose the right comps, and compares your home to properties that aren’t truly comparable, then you may under-price or over-price your home. If you under-price, you will leave money on the table. If you over-price, you will delay your sale by weeks or months and may not get it sold at all.

The way to know if the Realtor you are meeting with has chosen the right comps for your home, is to ask the Realtor to explain the process that he or she used and to listen carefully to the explanation. If the Realtor can’t explain how the comps were chosen and how they are interpreted, or if the explanation makes no sense to you, find another Realtor. Keep in mind, you aren’t looking for the Realtor who promises you the highest price. You are looking for someone who will help you understand the market, the appraisal process, and who will offer good solid reasons for listing your home at a particular price.

How did the Realtor determine that these were the best comps? Were all recent sales in the area included or were some rejected? Why? Are some of the comps outside the neighborhood? Why? Are they all recent sales? Why not? Were there any adjustments made? Garage size? Basement finish? Lot size? Landscaping? Views? Age of kitchen and baths? Age of windows? Location issues?

Choosing the right Realtor is imperative, because agents are not all alike. It is important that you find someone with enough knowledge and experience to properly advise you how to price your home.